Bitcoin Shatters All-Time Hashrate Record at 698 EH/s as Miners Defy Market Challenges

According to the latest network data, bitcoin’s computational power hit an all-time peak today on Oct. 10, 2024, reaching 698 exahash per second (EH/s). This new record surpasses the previous high of 693 EH/s, set on Sept. 8.

Bitcoin’s Hashrate Skyrockets to 698 EH/s as Miners Surge Ahead of Difficulty Adjustment

Following a decline in price, a drop in hashprice, and a 4.09% increase in network difficulty, bitcoin miners successfully elevated the network’s total hashrate to unprecedented levels. As of 1 p.m. EDT on Thursday, hashrateindex.com’s seven-day simple moving average (SMA) reported a rate of 698.94 EH/s. This achievement comes after the hashrate dropped to 625 EH/s on the final day of September.

Bitcoin’s hashrate skyrocketed to a lifetime peak of 698.94 EH/s on Thursday.

This indicates that 73 EH/s has been added to the network over the past ten days. At the start of September, hashprice, the projected daily earnings for 1 petahash per second (PH/s), hit a low of $38.91 per PH/s. Since then, revenue for 1 PH/s has risen by 11.75%, now standing at $43.48 per PH/s.

With the hashrate at record levels, block intervals have quickened, averaging around nine minutes and 36 seconds. Typically, this would result in a higher difficulty adjustment, but current estimates suggest a 5.9% decrease at press time. The next difficulty adjustment is expected on Oct. 22, 2024, with approximately 1,800 blocks remaining until the retargeting.

What do you think about Bitcoin’s hashrate tapping all-time highs? Share your thoughts and opinions about this subject in the comments section below.

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